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Deadline for SBA loans in R.I. and Mass. is July 22

IN ORDER TO QUALIFY for low-interest Economic Injury Disaster Loans to help repair damages from the severe storms and flooding of Sept. 5, small businesses in Rhode Island and Massachusetts must apply by July 22.

Posted:
Friday, June 28, 2013 11:12 am

By Carol Kim PBN Staff Writer

ATLANTA — Small businesses in Rhode Island and Massachusetts have until July 22 to apply for working capital loans, the U.S. Small Business Administration reminded businesses on Thursday.

Eligible entities are small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations that suffered losses due to the severe storms and flooding of Sept. 5.

Businesses in these categories have approximately three weeks remaining to apply for low-interest Economic Injury Disaster Loans, according to an SBA release. SBA can grant the loans up to $2 million at 3 percent for private nonprofits and 4 percent for small businesses, with terms up to 30 years.

The Economic Injury Disaster Loans are available to small businesses and most private nonprofits in the counties of Bristol, Newport and Providence in Rhode Island and Bristol, Norfolk and Plymouth in Massachusetts.

“The loans are intended to pay fixed debts, payroll, accounts payable and other expenses that could have been paid had the disaster not occurred,” the SBA said in a statement.

Applicants can apply online or by mail. Online applications can be completed and submitted at SBA’s secure website at disasterloan.sba.gov.

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